BUYER’S INTEREST CONTINGENCY RISKS CLAUSE
This Policy extends to cover the goods described therein subject to cover conditions and against the risk specified, but this extension covers buyer’s interest only in respect of any shipment of goods and merchandise purchased on a CIF and/or F.O.B. and/or F.A.S. or any other similar basis, where the seller has undertaken to effect or who is responsible on the said shipment, and claims in respect of loss of or damage to the goods and/or merchandise shall be payable hereunder only if and to the extent that the seller fails to fulfill his obligations to provide insurance or if the insurance provided fails to pay a claim recoverable under the terms of the Policy.
Any assignment of this Policy or of any interest or claims hereunder shall discharge Underwriters from all liability whatsoever.
When any claim is payable under this Policy Underwriters shall be subrogated to all rights of recovery hereunder including the right of recovery against the seller as well as against any other party.
Warranted by the Assured that the existence of this Contingent Insurance will not revealed to the Seller or to any other party interested in this policy.
